An older offer gets extended another month, this out last week:
http://www.reuters.com/article/rbssIndustryMaterialsUtilitiesNews/idUSBNG52636720090915
UPDATE 1-Jien Canada extends offer for Canadian Royalties
Tue Sep 15, 2009 5:58pm EDT
* Extends offer expiry date by a month to Oct. 15
* Says receiving support from Canadian Royalties shareholders
Sept 15 (Reuters) - China's No. 2 nickel miner Jilin Jien Nickel Industry (600432.SS) and Canadian Goldbrook Ventures Inc (GBK.V) on Tuesday extended its offer to acquire Canadian Royalties Inc (CZZ.TO) by a month to Oct. 15.
Jilin Jien and Goldbrook, which formed Jien Mining Canada Ltd to pursue their takeover bid, however, did not raise their cash offer of 60 Canadian cents for each share of Canadian Royalties.
The companies are offering a total cash consideration of C$148.5 million for control of Canadian Royalties.
Last month, Canadian Royalties rejected the offer, saying it did not recognize the strategic value of its Nunavik nickel project. [ID:nBNG453018]
Canadian Royalties had also recommended shareholders and debenture holders to reject the unsolicited offers.
"In order to facilitate the transaction we have extended the bid to make our offers a permitted bid under Canadian Royalties' shareholder rights plan," Jien Canada said in a statement.
It also said that it was receiving "tremendous" support from Canadian Royalties' security holders.
A takeover of Canadian Royalties could significantly increase Jilin Jien's nickel production as it would add Canadian Royalties' Nunavik project to its fold.
Shares of Canadian Royalties, which have gained 37 percent over the past three months, closed at 49.5 Canadian cents Tuesday on the Toronto Stock Exchange. (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)
